Twitter falls on leaked results, new Saudi crown prince, China's rent-a-foreigner services

Twitter fell victim to its own speedy communications when its results were leaked and tweeted, showing it had missed revenue expectations and lowered its forecasts. Its stock plunged as much as 26 per cent, wiping $6.1bn off its market capitalisation, before closing down 18 per cent at $42.27. (FT)

The earnings report was posted on Twitter's investor relations sites by Nasdaq's Shareholder.com service before Selerity, an independent data gathering company, found them and tweeted out the figures with the hashtag 'BREAKING'. This is the second high-profile earnings leak for Shareholder.com after JPMorgan's results were released hours early in October and could prove damaging for Nasdaq.

Lex looks at the microblogging site's weak results and how in just a few moments Dick Costolo's efforts to reorganise management have taken a big step backwards. (FT)

In the news

Saudi crown prince replaced King Salman sacked his younger half-brother as crown prince and appointed his nephew Mohammed bin Nayef as the new heir apparent. King Salman's son, Prince Mohammed bin Salman, becomes deputy crown prince. The shake-up speeds the generational shift within the conservative kingdom and marks a bid to secure a smooth passage towards a new generation of Saudi rulers by passing over the ageing sons of the kingdom's founder, Abdulaziz. (FT)

Le Pen secret fund suspicions French judicial authorities are considering investigating allegations that Jean-Marie Le Pen concealed funds in a Swiss bank account. The account contains EUR2.2m, mostly in gold bars and coins. If the claims are substantiated, the National Front founder could face legal action for failing to make full disclosure of his estate to financial watchdogs. (FT)

Baltimore unrest continues People remained on the streets past the 10pm curfew and police started arresting protesters and firing pepper balls to disperse crowds. Barack Obama said the riots, the worst to hit the city since the assassination of Martin Luther King in 1968, were the work of "a handful of criminals and thugs". (NYT, FT)

AIIB: not so bad after all President Obama said the China-led Asia Infrastructure Investment Bank could be a good thing for the region in spite of failed US efforts to prevent its allies from joining. He said the US was not opposed to the bank but warned that money could be "misused" without transparent management. (FT)

It's a big day for

Alliance Trust The Dundee-based investment manager accepted two proposed board appointments from Elliott, one of New York's most aggressive hedge funds, after a long weekend of negotiations. Chief executive Katherine Garrett-Cox, who has come under fire for her investment record, may face a rocky ride at Alliance's annual meeting today. (FT)

UK tax David Cameron hopes to inject momentum into his campaign by promising today a law banning any rise in income tax, VAT or national insurance in the next parliament. (FT)

Watching the US Fed A June interest rate rise is looking less likely but the post-meeting statement will be scrutinised for evaluations of the economy. Here is what you need to watch out for from the meeting and the GDP report, which is also released today. (FT, WSJ)

Food for thought

The next subprime mortgages? Insurance companies are packaging together catastrophe risks in a similar way to the carving up of subprime mortgages by big banks before the financial crisis. Victims of earthquakes or storms could run into problems having their insurance claims paid as a result. (FT)

Comcast's next act The FT examines whether, after its bid for Time Warner Cable was blocked, it will move now to counter the internet upstarts. (FT)

Rent a foreigner in China Housing developers are hiring foreigners to pose at their properties, project an international atmosphere and boost their flagging property sales. Clients looking to rent a foreigner can select from a menu of skin colours and nationalities. (NYT video)

Cosmetic surgery creates wrinkles for fortune tellers Fortune-telling is a popular practice for South Koreans but so is facial surgery - which makes face-reading rather difficult. Some plastic surgeons have planned for this, offering pre-operation face readings to their clients. (WSJ)

A final bout for boxing? When Floyd Mayweather and Manny Pacquiao, two of the best boxers of their generation, meet for the first time on Saturday they stand to win $300m. Hundreds of millions of dollars will be spent on bets, hotel rooms and entertainment in Nevada but the glory days of the sport may already be over. The New York Times looks at the decline in boxing audiences and the competition coming from niche combat sports. (NYT)

Video of the day

Tech tackles sports hazards From impact-measuring caps for hockey players to security beams for cyclists, there is plenty of hype about new tech that helps athletes deal with possible injuries. Ravi Mattu looks at whether these mass-market products promise more than they can deliver. (FT)

© The Financial Times Limited 2015. All rights reserved.
FT and Financial Times are trademarks of the Financial Times Ltd.
Not to be redistributed, copied or modified in any way.
Euro2day.gr is solely responsible for providing this translation and the Financial Times Limited does not accept any liability for the accuracy or quality of the translation